Additional information concerning risk factors and cautionary statements are available in our most recent SEC filings and most recent Prestige Brands 10-K.

additional information concerning risk factors and cautionary statements are available in our most recent sec filings and most recent prestige brands 10-k


all these big tire dumps, but then you go to a big passenger car, you don't get the biofuel, because it's a synthetic rubber that's used.

all these big tire dumps but when you go to a big passenger car you don't get the biofuel because it's a synthetic rubber that's used


which was mostly in the first half. As we started to see -- to make the investments, as we locked in our margins and started to make the investments in selected markets

which was mostly in the first half as we started to see -- to make the investments as we locked in our margins and started to make the investments in selected markets


You may remember this time around January last year, I talked about U.K. returns going down for the first time that I could remember.

you may remember this time around january last year i talked about u k returns going down for the first time that i could remember


we think adding senior resources to help out administratively that might have specialized workout skills or specialized


These concrete steps, along with ongoing efforts to train and increase our staff, will put us in a better state of preparedness

these concrete steps along with ongoing efforts to train and increase our staff will put us in a better state of preparedness


and we are starting to hand over some of the units to tenants for internal fit-out. And we target to open the tower portion for operations by the end of the year.

and we are starting to hand over some of the units to tenants for internal fit-out and we target to open the tao portion for operations by the end of the year


in more than 30 countries and is a preferred and qualified partner of a number of international organizations and nongovernmental organizations,


And this acquisition is part of our overall strategy to increase our India footprint and build capability in long products while improving our product portfolio.

and this acquisition is part of our overall strategy to increase our india footprint and build capability in long products while improving our product portfolio


We completed the private placement on December 27. For more details on the terms of the draw-down facility, please see our news release

we completed the private placement on december 27 for more details on the terms of the drawdown facility please see our news release


look, I think anybody who watches what's going on in Washington, whether it's tax reform or regulatory rollback,

look i think anybody who watches what's going on in washington whether it's tax reform or regulatory rollback


more and more of what we're holding in cash and security all qualify as high-quality liquid assets as opposed to other security balances that


One example of the efficiency from sitewide software adoption comes from ABB, a global leader in power and automation technologies.

one example of the efficiency from site-wide software adoption comes from abb a global leader in power and automation technologies


In summary, we felt the impacts of a challenging economic environment in Q1 and still managed to deliver positive core revenue growth.

in summary we felt the impacts of the challenging economic environment in q1 and still managed to deliver positive core revenue growth


nor are we expecting a meaningful decrease. And so it would more or less on par with kind of how we've been tracking in Q1 is how we're currently seeing it.

nor are we expecting a meaningful decrease and so it would be more or less on par with kind of how we've been tracking in q1 is how we're currently seeing it


is due to the strong partnership and trust that we have worked hard to establish with our franchisee partners.


and we continue to understand more and more about how to improve the ongoing reliability of these products.


a lot of activity there. Kevin mentioned, there is so much activity going on in the core space right now, which normally you don't see big blips

just a lot of activity there kevin mentioned there is so much activity going on in the core space right now which normally you don't see big blips


Looking to the full year, our expectations for fiscal '18 remain unchanged. We continue to expect organic net sales growth

looking to the full year our expectations for fiscal '18 remain unchanged we continue to expect organic next sales growth


And also, the action that we've taken last year in terms of selling prices are paying off and we were able to more than offset

and also the action that we've taken last year in terms of selling prices are paying off and we are able to more than offset


those that drive traffic and then drive conversion in the stores were likely to keep spending as long as we are convinced that it's driving that top line.

those that drive traffic and then drive conversion in the stores we're likely to keep spending as long as we are convinced that it's driving that top line


we have a different level of liquidity, and we're able to go out and talk to and describe to our vendor partners why doing business with Lumber Liquidators is important,

we have a different level of liquidity and we're able to go out and talk to and describe to our vendor partners why doing business with lumber liquidators is important


We will continue to look for ways to support our stores and our store associates, and I want to personally thank each one of them for their hard work this quarter.

we will continue to look for ways to support our stores and our store associates and i want to personally thank each one of them for their hard work this quarter


that we can have in '19 is the beginning of the investment on our new distribution center in the North of France. That's

that we can have in '19 is the beginning of the investment on our new distribution centers in the north of france


international and online sales, both of which continued to increase their penetration rate in our overall sales.

international and online sales both of which continue to increase the penetration rate in our overall sales


And this shows the excellent integration we have achieved between the 2 teams, achieving a record time in opening this first store.

and this shows the excellent integration we have achieved between the 2 teams achieving a record time in opening this first store


positioning ourselves for improved profitability in this important growth market. So let's dive a little deeper into each of the segments.

positioning ourselves for improved profitability in this important growth market so let's dive a little deeper into each of the segments


In addition, we have also started our next phase of improving our technology platform by identifying key drivers of success

in addition we have also started our next phase of improving our technology platform by identifying key drivers of success


and we're focused on delivering value to customers by preserving the residual value of the aircraft moving forward. So all in all, we feel good about

and we're focused on delivering value to customers by preserving the residual value of the aircraft moving forward so all in all we feel good about


Sure. And just taking a look of a historical perspective, we had many years where we didn't have any expansion sites. Over the last couple of years,

sure and just taking a look of a historical perspective we had many years where we didn't have any expansion sites over the last couple of years


The only caveat that I would put on that is that we will not damage any successful local Enerpac distributor. We intend to cover

the only caveat that i would put on that is that we will not damage any successful local interpack distributor we intend to cover


But it's not choosing one or the other at this point. It's a matter of moving them all forward. And depending on all the different variables that have to work

but it's not choosing one or the other at this point it's a matter of moving them all forward and depending on all the different variables that have to work


We have potential new retailers that are still going through the process and want to be a part of the plan. And that's in

we have potential new retailers that are still going through the process and want to be a part of the plan and that's in


benefiting from the long CapEx cycles and heavier recurring revenue component, driven by monthly fills on existing platforms.

benefiting from the long capex cycles and heavy recurring revenue component driven by monthly fills on existing platforms


Our strong household proposition led to continued growth in bundled services. Now let's move to Mobile.

our strong household proposition led to continued growth in bundled services now let's move to mobile


We executed our balanced capital allocation strategy and deliver to our commitment by aggressively addressing both return of capital to shareholders

we executed our balanced capital allocation strategy and delivered to our commitment by aggressively addressing both return of capital to shareholders


The prolonged economic downturn, the sluggish growth of trade flows and persistently low commodity prices will definitely continue

the prolonged economic downturn the sluggish growth of trade flows and persistently low commodity prices will definitely continue


And I'm just wondering, is this all due to the structure of the Amazon deal? Or is there other factors kind of playing into that?

and i'm just wondering is this all due to the structure of the amazon deal or is there other factors kind of playing into that


will see some sort of improvement in that fixed broadband ARPU trend? I mean, there must be a lot of customers on promotional pricing at the moment.

we'll see some sort of improvement in that fixed broadband arpu trend i mean there must be a lot of customers on promotional pricing at the moment


it's simply too early to tell what the impact is because we just haven't seen it. I've made the point in recent times that

it's simply too early to tell what the impact is because we just haven't seen it i made the point in recent times that


Frank has been extremely helpful during this transition and I look forward to continuing to work with him as our Chairman of the Board.

frank has been extremely helpful during this transition and i look forward to continuing to work with him as our chairman of the board


in a given year, the recurring revenue will start to be generated as of next year and -- because it takes about at least 6 months.

in a given year the recurring revenue will start to be generated as of next year because it takes about -- at least 6 months


Turning to Slide 4, on the second topic of growth and investment. I want to spend the next few minutes discussing the quarter for both of our segments.

turning to slide 4 on the second topic of growth and investment i want to spend the next few minutes discussing the quarter for both of our segments


a commercial show there for not only Western Europe but Eastern Europe and parts of the rest of the globe. There's a lot of international players coming to that show.

a commercial show there for not only western europe but eastern europe and parts of the rest of the globe there's a lot of international players come into that show


equipment, existing equipment has to be taken off-line. So we've seen a balance of rebuilding equipment,

equipment existing equipment has to be taken offline so we've seen a balance of rebuilding equipment


The grain market continues to grow at healthy rates based on a study conducted by Informa Economics. Paraguay, Bolivia and Brazil are

the grain market continues to grow at healthy rates based on a study conducted by informa economics paraguay bolivia and brazil


So how I think about it is that the -- in the past, Barnes Group historically has played predominantly in the widebody arena.

so how i think about it is that the -- in the past barnes group historically has played predominantly in the wide-body arena


This demonstrates the group's confidence in its capital position and also help facilitate the new revolving credit facility

this demonstrates the group's confidence in its capital position and also help facilitate the new revolving credit facility


The tax credit in 2015 derives from the settlement of a number of historic tax issues.

the tax credit in 2015 derives from the settlement of a number of historic tax issues


We're hoping that they can get that all out and permitted and designed and in place. But as always, with larger projects,

we're hoping that they can get that all out and permitted and designed and in place but as always with larger projects


really well-orchestrated, integrated approach to how we do that. And while it works, we think there is a way to really streamline and simplify

a really well-orchestrated integrated approach to how we do that and while it works we think there's a way to really streamline and simplify


your positioning and some of the conversations you're having for strategic partnerships? And has there been any change in the competitive dynamic with any of the other

your positioning and some of the conversations you're having for strategic partnerships and has there been any change in the competitive dynamic with any of the other


Ladies and gentlemen, thank you for your participation. This concludes today's conference. You may disconnect your lines at this time, and have a wonderful day.

ladies and gentlemen thank you for your participation this concludes today's conference you may disconnect your lines at this time and have a wonderful day


Yes. Sure. So the answer is, we definitely were looking at it back in November once we completed the Care Capital transaction. And at that time,

yes sure so yes the answer is we definitely were looking at it back in november once we completed the care capital transaction and at that time


as growth in our ceramic technology and industrial and environmental sectors will likely offset declines in our base ceramic and sand revenues.


A significant portion of these sales are related to the NanoKnife disposable approval in China where we have already received approval of our generator earlier this fiscal year.

a significant portion of these sales are related to the nanokite disposable approval in china where we have already received approval of our generator earlier this fiscal year


I want to remind all listeners that FedEx Corporation desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act.

i want to remind all listeners that fedex corporation desires to take advantage of the safe harbor provisions of the private securities litigation reform act


We are hopeful to conclude the year in the upper half of our guidance range but wanted to continue to provide numbers that we are confident we can consistently achieve.

we are hopeful to conclude the year in the upper half of our guidance range but want to continue to provide numbers that we are confident we can consistently achieve


Adjusting for this unfavorable impact, our RASM performance looks to be at least on par with the industry,

adjusting for this unfavorable impact our rasm performance looks to be at least on par with the industry


single OTT platform with every single one of our channels because we are not prepared to be giving our signals away or subsidizing

single ott platform with every single one of our channels because we are not prepared to be giving our signals away or subsidizing


again, in conclusion on this one, there's more that can be done there. I think we've raised the level on both free cash flow and cash flow from operations.

again in conclusion on this one there's more that can be done there i think we've raised the level on both free cash flow and cash flow from operations


acquisition effect of Commerzbank, though we confirm here that we're able to generate capital organically.

acquisition effect of commerzbank though we confirm here that we're able to generate capital organically


Speedway continues to perform very well, reporting its third best quarter ever. Speedway delivered record second quarter segment income from operations

speedway continues to perform very well reporting its third best quarter ever speedway delivered record second quarter segment income from operations


As a reminder, the revenue line does not capture the increasing pace of activity at the Orpic project because, as many of you know,

as a reminder the revenue line does not capture the increasing pace of activity at the orpik project because as many of you know


of having Rotork A level up here on all critical applications. And these are the meetings that I've sat in a couple of them last year in China

of having rotork a level up here on all critical applications and these are the meetings that i've had in a couple of them last year in china


Retirement commissions and fees were down as a result of a decrease in actuarial fees, partly offset by new pension administration client fees.

retirement commissions and fees were down as a result of a decrease in actuarial fees partly offset by new pension administration client fees


Including the impact of our recently expanded commercial team, important new data from the ALPINE study and a recent national formulary addition.

including the impact of our recently expanded commercial team important new data from the alpine study and a recent national formulary edition


faster than the market. So we are implying that we expect to continue our market share gains. And so robust front end,

faster than the market so we are implying that we expect to continue our market share gains and so robust front end


Expansion in Europe has been a strategic focus for PolyOne, and our investments in the commercial team are paying off.

expansion in europe has been a strategic both -- focus for polyone and our investments in the commercial team are paying off


will accelerate early in the year and then probably decelerate through the middle of the year as they complete this project, and we just wanted to reflect

that will accelerate early in the year and then probably decelerate through the middle of the year as they complete this project and we just wanted to reflect that


Fourth, I would like to talk about our financing strategy to build a commercial-scale plant for the production of Nisin, our active ingredient in Mast Out.

fourth i would like to talk about our financing strategy to build a commercial scale plant for the production of nisin our active ingredient in mastoc


Fund flows in Asset Management continue to reflect the trend of outflows from money market funds and the general nervousness about the markets in Europe.

fund flows in asset management continue to reflect the trend of outflows from money market funds and the general nervousness about the markets in europe


Several assumptions were made in preparing these statements, and we wish to emphasize that there are risks that actual events or results may differ materially from these statements.

several assumptions were made in preparing these statements and we wish to emphasize that there are risks that actual events or results may differ materially from these statements


I know you're not providing guidance for '16, but I'm curious, do you think that with respect to not providing that guidance at this point, does it make sense to

i know you're not providing guidance for '16 but i'm curious do you think that with respect to not providing that guidance at this point does it make sense to


There are clear opportunities to maximize the value of this unique position over time as the industry continues to consolidate.

there are clear opportunities to maximize the value of this unique position over time as the industry continues to consolidate


So just wanted to know the sort of story behind these comments. Why do you say that there is a concern on demand where no other FMCG has

so just wanted to know the sort of story behind these comments why do you say that there is a concern on demand where no other fmcg has


similar to the program that we had -- program we had last year. I think we dropped retention slightly on large claims,

similar to the program that we had -- program we had last year i think we dropped the tension slightly on large claims


in the next customer investment rounds. The particular focus is expanding our reach into logic and memory markets in the era

in the next customer investment rounds the particular focus is expanding our reach in the logic and memory markets in the era


Secondly, the financial reset that we did in December. It was a painful event, but it was the right thing to do.

secondly the financial reset that we did in december it was a painful event but it was the right thing to do


Both of these countries are the largest origination sources for our coal business, and the hardening in price is a welcome respite for the mining industry.

both of these countries are the largest origination sources for our coal business and the hardening in price is a welcome respite for the mining industry


In Heidrick Consulting, we're scaling the business to increase our impact with clients building on the success of our platform, Accelerating Performance.

in heidrick consulting we're scaling the business to increase our impact with clients building on the success of our platform accelerating performance


Good afternoon. My name is Rob, and I will be your conference operator today.

good afternoon my name is rob and i will be your conference operator today


due to the recently approved legislative bill in the State of Michigan, which is aimed at increasing funds for roads and infrastructure.

due to the recently approved legislative bill in the state of michigan which is aimed at increasing funds for roads and infrastructure


maybe it will require some input from Rick on this, too. But as you look at the product portfolio and as you look at the operating

maybe it will require some input from rick on this too but as you look at the product portfolio and as you look at the operating


including both founders, who have recognized the need to enhance internal control and take Marvell to the next level of performance.

including both founders who have recognized the need to enhance internal controls and take marvell to the next level of performance


and Marvell takes no obligation to revise or update publicly any forward-looking statements except as required under applicable law.

and marvell takes no obligation to revise or update publicly any forward-looking statements except as required under applicable law


But after about 30 days, the inhibitory mechanisms that we keep talking about with a tumor take over and the tumors begin to grow.

but after about 30 days the inhibitory mechanisms that we keep talking about with the tumor take over and the tumors begin to grow


to combine their investigative drugs in combination with brachyury. So the base combination is always our vaccine,

to combine their investigational drugs in combination with brachyury so the base combination is always our vaccine


And based on that one, I'd like you to take the following home. We are faced with challenges,

and based on that one i'd like you to take the following home we are faced with challenges


And I don't know, it could be all day trader activity from some local people, but the fluctuations sometimes are -- just seems to be rather large.

and i don't know it could be all day-trader activity from some local people but the fluctuations sometimes are -- just seems to be rather large


First, we are developing a fully integrated customer loyalty program that offers rewards, both -- across both the pharmacy and the front store.

first we are developing a fully integrated customer loyalty program that offers rewards both across both the pharmacy and the front store


are you saying that -- in your commentary you talked about maybe not being quite as competitive if the city was not valuing the smart control aspects

are you saying in your commentary you talked about maybe not being quite as competitive if the city was not valuing the smart control aspects


Across all of our environments, we understand well the dynamics reshaping asset management and distribution and as reflected in our comments so far,

across all of our environments we understand well the dynamics reshaping asset management and distribution and as reflected in our comments so far


and we have a lot of flexibility. I think we acknowledge that there is kind of a fluid process and there is a lot of

and we have a lot of flexibility i think we acknowledge that there -- it's kind of a fluid process and there's a lot of


And our capital rebuild is ahead of plan. We're proud of that. And this bank has the ability to generate a lot of capital internally.

and our capital rebuild is ahead of plan we're proud of that and this bank has the ability to generate a lot of capital internally


With the team that we have built, the investments we have made in both 2 outstanding business segments, we are perfectly positioned for continued profitable growth.

with the team that we have built the investments we have made in both 2 outstanding business segments we are perfectly positioned for continued profitable growth


We have never been in a stronger competitive position, and I believe the future has never been brighter for Lear Corporation. I'm so excited to lead this great company.

we've never been in a stronger competitive position and i believe the future has never been brighter for lear corporation i'm so excited to lead this great company


I'm encouraged by our progress and the momentum that we have heading into 2018, which is a real tribute to the strength and commitment of our entire organization.

i'm encouraged by our progress and the momentum that we have heading into 2018 which is a real tribute to the strength and commitment of our entire organization


I hope that's at least modestly helpful to you. I appreciate that. I'm just a little bit curious about the process as well,

but i hope that's at least modestly helpful to you yes i appreciate that i'm just a little bit curious about the process as well


Within our segment, there are also many initiatives under way to strengthen our competitive position and expand our integrated risk offerings.

within our segments there are also many initiatives underway to strengthen our competitive position and expand our integrated risk offerings


in addition to what we've talked about with respect to the proceeds from Benefits, the capital release from Benefits and also the capital release from Health.

in addition to what we've talked about with respect to the proceeds from benefits the capital release from benefits and also the capital release from help


It won't be exactly linear because as a program comes in or we have changes in what we're doing, that will cause some variability in that growth, but it will expand over time,

it won't be exactly linear because as a program comes in or we have changes in what we're doing that will cause some variability in that growth but it will expand over time


We have a strategy of maintaining a highly variable manufacturing cost structure, so that we can quickly adjust to market shifts, like we are seeing in the third quarter.

we have a strategy of maintaining a highly variable manufacturing cost structure so that we can quickly adjust to market shifts like we are seeing in the third quarter


And so we are taking extra effort to align with the agency on every major

and so we are making -- taking extra effort to align with the agency on every major


This is a population which clearly has few and very limited therapeutic options and we're looking forward to meaningful discourse with the agency regarding the population,

this is a population which clearly has few and very limited therapeutic options and we are looking forward to meaningful discourse with the agency regarding the population


And we also talked about some of the challenges in getting it through the approval agencies and getting the product launched and shipping. We finally overcame those.

and we also talked about some of the challenges in getting it through the approval agencies and getting the product launched and shipping we finally overcame those


Please note that they are the property of Solar Senior Capital Ltd. and that any unauthorized broadcasts in any form are strictly prohibited.

please note that they are the property of solar senior capital limited and that any unauthorized broadcast in any form are strictly prohibited


to deliver superior customer experiences on every interaction. Now I'd like to share a few examples of key wins from the quarter.

to deliver superior customer experiences on every interaction now i'd like to share a few examples of key wins from the quarter


what are we doing to purposely make investors aware of the opportunity? And I do believe the opportunity is there.

what are we doing to purposely make investors aware of the opportunity and i do believe the opportunity is there


most of '16 will be focused on integrating the company, and we would expect most of those synergies to be

most of '16 will be focused on integrating the company and we would expect most of those synergies to be


and reflects the increased unit growth we experienced in the first quarter. We also expect the new premium banked Renegade and Empire Arena games,

and reflects the increased unit growth we experienced in the first quarter we also expect the new premium bank renegade and empire arena games


To realize the highest return from our operations, we remain committed to growing recurring revenue from our installed base units.

to realize the highest return from our operations we remain committed to growing recurring revenue from our installed base units


It is far too early to say that this is the early indications of this. This was more due to retail opening and different launch schedules than anything else.

it is far too early to say that this is the early indications of this this was more due to retail opening and different launch schedules than anything else


we have historically done very well with MSSP segment of that business as well as the infrastructure. And we saw deals in both parts of that business in the quarter.

we have historically done very well with the mssp segment of that business as well as the infrastructure and we saw deals in both parts of that business in the quarter


you just speak to what you see at some of the key variables that could move you to the lower -- higher end of the range still within the fourth quarter?

could you just speak to what you see in some of the key variables that could move you to the lower or higher end of the range still within the fourth quarter


while acquisitions like Netcentric and Mirabeau are further enhancing our digital leadership in Continental Europe, leading to a number of recent digital wins.

while acquisitions like netcentric and mirabeau are further enhancing our digital leadership in continental europe leading to a number of recent digital wins


A 20% expansion in our product capacity for the core product since last year and our ability to maintain steady production

a 20% expansion in our product capacity for the core products since last year and our ability to maintain steady production


and we have multiple operated assets which will give us flexibility both in attracting partners and reducing capital exposure.


We started that investment in the fourth quarter of 2016, and that makes up a little over half of the total

we started that investment in the fourth quarter of 2016 and that makes up a little over half of the total


With respect to leveraging capital, during the quarter, we began working with several major financial institutions to establish a wholesale credit facility at the holding company

with respect to leveraging capital during the quarter we began working with several major financial institutions to establish a wholesale credit facility at the holding company


And at some point, at a certain rig count, you're going to see the ability for pressure pumping pricing to move up higher across the industry.

and at some point at a certain rig count you're going to see the ability for pressure pumping pricing to move up higher across the industry


With our increasing activity and headcount, I'm pleased that our operational execution continues to improve as nonproductive time and drilling

with our increasing activity and headcount i'm pleased that our operational execution continues to improve as nonproductive time in drilling


in -- now in the first quarter and on into the second. So although new equipment, I have to caution you, if you put in a new piece of equipment, it takes a while to

now in the first quarter and on into the second so although new equipment i have to caution you if you put in a new piece of equipment it takes a while to


So I just want to say thank you for everyone for being on the phone, and thank you, for the questions. This is a very exciting time for us

so i just wanted to say thank you for everyone for being on the phone and thank you for the questions this is a very exciting time for us


And given our greater than 60% replacement market focus and the strength of our brand, we believe that we are well positioned in this regard.

and given our greater than 60% replacement market focus and the strength of our brand we believe that we are well positioned in this regard


We are investing in agent training, cross-sell initiatives and marketing campaigns as well as infrastructure improvements to support sales growth in this segment.

we are investing in agent training cross-sell initiatives and marketing campaigns as well as infrastructure improvements to support sales growth in this segment


I'm excited about the benefit of these opportunities, along with a continued focus on taking care of our customers will provide to our performance in future quarters.

i'm excited about the benefit these opportunities along with a continued focus on taking care of our customers will provide to our performance in future quarters


as far as what we're continuing to work on, it's really a focus on working capital management. So you could see we made improvements in

as far as what we're continuing to work on it's really a focus on working capital management so you can see we made improvements in


in some sense there's a bit of a step change in some cost categories during half 1. Can you give us more of a sense on how you expect

in some senses a bit of a step change in some cost categories during half 1 can you give us more of a sense on how you expect


we expect a moderate increase in revenues at Hamilton Beach in 2016 compared with '15, provided consumer spending is at expected levels.

we expect a moderate increase in revenues at hamilton beach in 2016 compared with '15 provided consumer spending is at expected levels


Through these and other efforts, we are building on our momentum from last year, when we reduced well cost 7% across active areas.

through these and other efforts we are building on our momentum from last year when we reduced well costs 7% across active areas


In fact, in the fourth quarter, market volumes declined by almost 10%. Our own business is holding up well in these conditions,

in fact in the fourth quarter market volumes declined by almost 10% our own business is holding up well in these conditions


the picture here is a picture of composite fan, which will be used on UltraFan in the future. As these fans get larger and larger,

the picture here is a picture of our composite fan which will be used on ultrafan in the future as these fans get larger and larger


you never know what comes down the road, but certainly not top of mind for us at this point of time. On the management changes,

you never know what comes down the road but certainly not top of mind for us at this point of time on the management changes


Our performance is ramping as a result of the investments we've been making in the business coupled with a disciplined approach to balanced revenue growth with improved profitability.

our performance is ramping as a result of the investments we've been making in the business coupled with a disciplined approach to balance revenue growth with improved profitability


as we can see that the company's financial structure is getting better and better, I wonder

as we can see that the company's financial structure is getting better and better i wonder


usually for the preorders, so we believe the stock level is still reasonable. Since Q3 is usually a high season for ordering

usually for the pre-orders so we believe the stock level is still reasonable since q3 is usually a high season for ordering


We believe this will further expand our organic growth opportunities for Unique, as the need for increased vehicle weight reduction takes hold,

we believe this will further expand our organic growth opportunities for unique as the need for increased vehicle weight reduction takes hold


We believe, with this colonic release formulation, we have the potential to see greater and faster pain relief in this patient population.

we believe with this colonic release formulation we have the potential to see greater and faster pain relief in this patient population


So banks are very well collateralized and there's a lot of solid assets in the company. And when you're dealing with a receivable from Universal

so banks are very well collateralized and there's a lot of solid assets in the company and when you're dealing with a receivable from universal


in revenue through a rate increase to be effective January 1, 2016. The settlement will help fund additional reliability improvements

in revenue through a rate increase to be effective january 1 of 2016 the settlement will help fund additional reliability improvements


to analyze where we go. And I'm sure we'll conclude this September, as we have the past several Septembers, that we have a really solid

to analyze where we go and i'm sure we'll conclude this september as we have the past several septembers that we have a really solid


A bit later in the call, I will highlight some of the scientific progress we made in further developing our C1 gene expression platform.

a bit later in the call i will highlight some of the scientific progress we made in further developing our c1 gene expression platform


So it'd be fair to assume then that you have spoken to a set of potential purchasers in the past?

so to be fair to assume then that you have spoken to a set of potential purchasers in the past


with what we're willing to pay and how we're going to create value and have the plan. And what I've always said is we've got to have the plan. There's a cost synergy plan

with what we're willing to pay and how we're going to create value and have the plan and what i've always said is we got to have the plan there's a cost synergy plan


that was caused by our fourth quarter implementation as a new clinical IT system at our Conemaugh Health System in Pennsylvania.

that was caused by our fourth quarter implementation of a new clinical it system at akonoma health system in pennsylvania


So in other words, it's not in any way related to not having what the market wants. It's just the overall slowdown.

so in other words it's not in any way related to not having what the market wants it's just the overall slowdown


Finally, our new and active customers were down slightly in the quarter, reflecting the previously mentioned circulation cuts.

finally our new and active customers were down slightly in the quarter reflecting the previously mentioned circulation cuts


We are with some small upside in the latter part of the year for some price increases. I think it's important to note, Jon, that

we are with some small upside in the latter part of the year for some price increases i think it's important to note john that


He's lived and worked on 3 continents and has proven his ability to drive growth on both the top and bottom lines.

he's lived and worked on 3 continents and has proven his ability to drive growth on both the top and bottom lines


there has been no impact at all. And we do not expect any impact. That is -- where we use Canadian crude oil today.

there has been no impact at all and we do not expect any impact that is where we use canadian crude oil today


However, the time to complete the project has taken longer than anticipated, again, extending the forecasted cash flows of the project.

however the time to complete the project has taken longer than anticipated again extending the forecasted cash flows of the project


to drive top and bottom line is one of the things that will continue to distinguish us. And so I think we've got good visibility to the places

to drive top and bottom line is one of the things that will continue to distinguish us and so i think we've got good visibility to the places


and we had revenues. A lot of that just showed up, if you will, in -- coming out of the margin of Geismar. So it's a little bit complicated when you think about

and we had revenues a lot of that just showed up if you will in coming out of the margin of geismar so it's a little bit complicated when you think about


Given the recent price announcements by national brands and other competitors, we expect to further increase prices in the overall business in the second half.

given the recent price announcements by national brands and other competitors we expect to further increase prices in the overall business in the second half


I would like to thank all of our team members for continuing to take care of our customers, and as important, each other. With that, I will turn the call over to Robert.

i would like to thank all of our team members for continuing to take care of our customers and as important each other with that i will turn the call over to robert


Water Quality Systems was our only segment to deliver core growth as the pool business once again finished the season in a strong position.

water quality systems was our only segment to deliver core growth as the pool business once again finished its -- finished the season in a strong position


as well as the absolute EBITDA. This is also the first quarter, where we have included the Bhushan Steel financials for the full quarter in our results.

as well as the absolute ebitda this is also the first quarter where we have included the boussingault steel financials for the full quarter in our results


we're doing -- we feel really good about it, and I think we can correctly point to things like the expansion of PowerPlay is an example. We've expanded that program that is our

we're doing -- we feel really good about it and i think we can correctly point to things like the expansion of powerplay as an example we've expanded that program that is our


Anybody that could move wood have the opportunity. And so I just -- I think the overall weather dynamics probably mitigated some of that impact.

anybody that could move would have the opportunity and so i just -- i think the overall weather dynamics probably mitigated some of that impact


people in other parts of South America. So it seems as if there's a paradigm shift that has occurred in Argentina because of the new government,

people in other parts of south america so it seems as if there's a paradigm shift that has occurred in argentina because of the new government


We are fortunate to be in a position to report another healthy operational quarter, featuring strong organic growth as well as margin expansion.

we are fortunate to be in a position to report another healthy operational quarter featuring strong organic growth as well as margin expansion


We can see sustained growth, but going forward with a transformative shift in driving down the cash burn, we are confident that we can exit the year with a meaningful reduction of burn rate

we can see sustained growth but going forward with a transformative shift in driving down the cash burn we are confident that we can exit the year with a meaningful reduction of burn rate


partnerships like that to come onto those marketplace solutions. And what we're doing there is helping sellers

partnerships like that to come on to those marketplace solutions and what we're doing there is helping sellers


because it applies across the whole book rather than to the subset that does not have credible claims experience.


Our focus on improving the value of the program continues, with significant expansion in partners. Over 90 added in the half

our focus on improving the value of the program continues with a significant expansion in partners over 90 added in the half


So just given that this is going to be expected to be longer process than was originally planned, we don't expect to get it in this half.

so just given that this is going to be expected to be longer process than was originally planned we don't expect to get it in this half


And then he also says, the terms of the settlement in no way change our business model as a direct selling company but simply build upon current procedures.

and then he also says the terms of the settlement in no way change our business model as a direct selling company but simply build upon current procedures


discontinued operations status as well as lower acquisition and integration and restructuring and related costs this year.

continued -- discontinued operation status as well as lower acquisition and integration and restructuring and related costs this year


and at the same time, really, pressure test and demonstrate to insurers that there is a strong interest by the patients

and at the same time really pressure test and demonstrate to insurers that there is a strong interest by the patients


what an average booking window for a sizable group looks like today versus where we were a year ago or 2 years ago? Just so we have a sense of that.

what an average booking window for a sizable group looks like today versus where we were a year ago or 2 years ago just so we have a sense of that


Let me expand a little bit more on the industrial footprint review that we have launched at the beginning of the year.

let me expand a little bit more on the industrial footprint review that we have launched at the beginning of the year


During the quarter, logistics again demonstrated margin and bottom line growth to our margin enhancement initiatives along with efficiency gains.

during the quarter logistics again demonstrated margin and bottom line growth through our margin enhancement initiatives along with efficiency gains


Based on the orders and our preliminary assessment, if upheld, the process set out in the orders is likely to delay the planned startup of construction,

based on the orders and our preliminary assessment if upheld the process set out in the orders is likely to delay the planned startup of construction


expand our product capabilities from just upholstery fabrics for chairs in the main lobbies to the window treatments.

expand our product capabilities from just upholstery fabrics for chairs and the main lobby to the window treatments


I think it enhances the value of the product because it gives greater confidence that the product will be successful.

i think it enhances the value of the product because it gives greater confidence that the product will be successful


We believe these non-GAAP financial measures are helpful in our understanding our past financial performance and potential future results.

we believe these non-gaap financial measures are helpful in our understanding our past financial performance and potential future results


And that has helped us mitigate the impact. And we don't foresee a change in that overall environment. We don't foresee a change in pricing discipline. We do not foresee

and that has helped us mitigate the impact and we don't foresee a change in that overall environment we don't foresee a change in pricing discipline we do not foresee


I'm pleased with the progress but recognize we still have a lot of work to do on optimizing the product development process and launch philosophy.

i'm pleased with the progress but recognize we still have a lot of work to do on optimizing the product development process and launch velocity


for the individual consumer, you see a spike in consumption, mainly for luxury goods as chocolate

for the individual consumer you see a spike in consumption mainly for luxury goods as chocolate


on their own 800 stores in Brazil. So we can as well bet on their health.

on their own 800 stores in brazil so we can as well bet on their help


As well as we mentioned some of our restructuring charges were related to our Industrial business. So that is why we're still confident that our

as well as we mentioned some of our restructuring charges were related to our industrial business so that is why we're still confident that our


It would be difficult for us to believe it would be the last 2, because the thing is so similar to what is going on

it would be difficult for us to believe it would be the last 2 because the thing is so similar to what is going on


And so for us to have an agreement that allows us to not just have better pricing economics, but sizes, packs, flavors, channels, all of that stuff,

and so for us to have an agreement that allows us to not just have better pricing economics but sizes packs flavors channels all of that stuff


highlighting the relative strength of our specialty-focused ag business in what was one of the weakest global ag market in decades.

highlighting the relative strength of our specialty-focused ag business in what was one of the weakest global ag markets in decades


I think our goal is try and clearly keep investment in working capital to a minimum, if not actually even getting cash out of it.

i think our goal is to clearly keep working -- investment in working capital to a minimum if not actually even getting cash out of it


This long-time focus on waste elimination and velocity optimization continues to deliver increased operating leverage for the business.

this long-time focus on waste elimination and velocity optimization continues to deliver increased operating leverage for the business


where large backers of, in particular, the Republican Party, have simply not shown up and are not spending the money.

where large backers of -- in particular the republican party have simply not shown up and are not spending the money


we still continue to get very significant improvement in both recoveries and in how many

we still continue to get very significant improvements in both recoveries and in how many


The trend is positive, particularly with the chemicals industry with strong results, mainly in India.

the trend is positive particularly with the chemicals industry with strong results mainly in india


and our liquidity, low leverage and good support from our bank group gives us flexibility to finance good acquisitions or accelerate the drilling program, as John mentioned.

and our liquidity low leverage and good support from our bank group gives us flexibility to finance good acquisitions or accelerate the drilling program as john mentioned


And based on our execution for the first half of the year, we are on plan with both and as a result, on path to achieve our full year guidance.

and based on our execution for the first half of the year we are on plan with both and as a result on path to achieve our full year guidance


The statements do not guarantee future performance and therefore, undue reliance should not be placed upon them. These forward-looking statements are based on current expectations of management

the statements do not guarantee future performance and therefore undue reliance should not be placed upon them these forward-looking statements are based on current expectations of management


getting commodity prices to exceed at a level that we can essentially plan effectively for. And so we'll continue to face that challenge

getting commodity prices to seat at a level that we can essentially plan effectively for and so we'll continue to face that challenge


Finally, while only a small part of our business today, we have significantly bolstered our capabilities in e-commerce.

finally while only a small part of our business today we have significantly bolstered our capabilities in e-commerce


so that means that the service margin within Digital Services is much lower during the fourth quarter than before.

so that means that the service margin within digital services is much lower during the fourth quarter than before


Our discussion today includes certain non-GAAP financial measures which provide additional information that we believe is helpful to investors.

our discussion today includes certain non-gaap financial measures which provide additional information that we believe is helpful to investors


Of course, there also was and is some level of distraction for the current sales organization as we put these changes in place.

of course there also was and is some level of distraction for the current sales organization as we put these changes in place


a lot -- that would be global. We have a lot of sourcing flexibility within that, where our sources will come from various parts around the world.

a lot -- that would be global we have a lot of sourcing flexibility within that where our sources will come from various parts around the world


What we could expect is always difficult to be very precise on, but I think we should be able to see healthy double digits.

what we could expect is always difficult to be very precise on but i think we should be able to see healthy double digits


This strong Aerospace performance was partially offset by a 6% full year sales decline in Distribution.

this strong aerospace performance was partially offset by a 6% full year sales decline in distribution


And I'm confident that once the MannKind device is approved that, that will offer yet additional thousands of patients

and i'm confident that once the mammotome device is approved that that will offer yet additional thousands of patients


We think that one of the possible therapeutic strategies is to reduce this -- to reduce these symptoms is to target androgen deficiency,

we think that one of the possible therapeutic strategies is to reduce these symptoms is to target androgen deficiency


assets and so we've got a lot of opportunities to work with them as we continue to work through kind of a lower commodity price cycle.

assets and so we've got a lot of opportunity to work with them as we continue to work through kind of a lower commodity price cycle


We are committed to maximizing synergies between the 2 legacy companies and will continue to identify opportunities for future efficiency.

we are committed to maximizing synergies between the 2 legacy companies and will continue to identify opportunities for future efficiency


Mick will provide more insight on these adjustments during his portion of the presentation. Now I'd like to briefly review the segment results for the third quarter.

mick will provide more insight on these adjustments during his portion of the presentation now i'd like to briefly review the segment results for the third quarter


Our projects are on schedule and on budget, and we plan to maintain this full-cycle strategy in Austin as well as in our newly entered markets this year.

our projects are on schedule and on budget and we plan to maintain this full cycle strategy in austin as well as in our newly entered markets this year


I will begin my remarks about the company by stating that 2015 is our third consecutive year of growth in adjusted EBITDA and distributable cash flow.

i will begin my remarks about the company by stating that 2015 is our third consecutive year of growth in adjusted ebitda and distributable cash flow


I think the best way to explain my role is to say that it is unlikely that I will be speaking to you as CEO a year from now.

i think the best way to explain my role is to say that it is unlikely that i will be speaking to you as ceo a year from now


We have a target of getting to maybe half of our customers coming from outsourcing, so we do expect that to continue to

we have a target of getting to maybe half of our customers coming from outsourcing so we do expect that to continue to


We are pleased with the progress we've made over the past 5 quarters since I became CEO but recognize we still have much hard work ahead of us

we are pleased with the progress we've made over the past 5 quarters since i became ceo but recognize we still have much hard work ahead of us


compared to the end of the first quarter of 2017, as the operational impacts of Cyclone Debbie in Australia were less than previously anticipated.

compared to the end of the first quarter of 2017 as the operational impacts of cyclone debbie in australia were less than previously anticipated


coupled with the retail configuration we have and now our really strong mortgage business has been one of the earning engines for the Arlington Bank historically.

coupled with the retail configuration we have and now a really strong mortgage business that's been one of the earning engines for the arlington bank historically


and earlier human data results, we are increasingly encouraged by the potential opportunities presented by our PKU program.

in earlier human data results we are increasingly encouraged by the potential opportunities presented by our pku program


Can you maybe say a little bit on -- are there more opportunities coming by in the last few quarters than there were a year ago? Or

can you maybe say a little bit on -- are there more opportunities coming by in the last few quarters than there were a year ago or


Using the same analysis Kevin mentioned earlier, our stock price at the end of the quarter equated to a value of our entire private portfolio

using the same analysis kevin mentioned earlier our stock price at the end of the quarter equated to a value of our entire private portfolio


And then the only other question I have was just with the -- are you going to release the interim data from the HS study

and then the only other question i have was just with the -- are you going to release interim data from the hs study


will definitely help with the delay of progression to end-stage renal disease since the protein itself


our informal relationships with third parties, the dependence of our future success on the general economy and its impact on the industries in which we invest,

our informal relationships with third parties the dependence of our future success on the general economy and its impact on the industries in which we invest


I was wondering if that's roughly what you think you'll sell it for. You say you're pretty far into that process. So maybe you can give us some

i was wondering if that's roughly what you think you'll sell it for you say you're pretty far into that process so maybe you can give us some


was direct cost related to the manufacturing and production side, so that goes through COGS more so. There's a couple of

was direct cost related to the manufacturing and production side so that goes through cogs more so there's a couple of


the company's business strategy and growth strategy. Expressions which identify forward-looking statements speak only as of the date the statement is made.

the company's business strategy and growth strategy expressions which identify forward-looking statements speak only as of the date the statement is made


but the issue of reducing the global amount of portfolio is not in our mind. That means that

but the issue of reducing the global amount of portfolio is not in our mind that means that


We have decided to break this up into separate calls for finishing fiscal year '16 and then the first quarter

we have decided to break this up into separate calls for finishing fiscal year '16 and then the first quarter


This is Jeff, Nik. I think it's probably going to be closer to 50-50. A lot of the increased production in the Cooper Basin JV is

this is jeff nick i think it's probably going to be closer to 50-50 a lot of the increased production in the cooper basin jv is


I would say that the amount was the amount largely because we want to maintain flexibility around other things that we see and have in front of us.

i would say that the amount was the amount largely because we want to maintain flexibility around other things that we see and have in front of us


difficult to predict and they do occur at different times of the year. Just to provide a little bit more background, if you look a year ago

difficult to predict and they do occur at different times of the year just to provide a little bit more background if you look a year ago


But it was also a year where we made a lot of progress. And we made progress in terms of beefing up our Board,

but it was also a year where we made a lot of progress and we made progress in terms of beefing up our board


Student retention experiences -- retention and experiences and academic outcomes remain a primary focus across all of our operating and support teams.

student retention experiences -- retention and experiences and academic outcomes remain the primary focus across all of our operating and support teams


that since we have made it very, very clear how we find success in our restaurants now and how we

that since we have made it very very clear how we find success in our restaurants now and how we


We've rolled out specifically to those stores first because we knew that they were staffed. We already knew that they have a scale and already the habits of using that second make line

we rolled out specifically to those stores first because we knew that they were staffed we already knew that they have a skill and already the habit of using that second make line


Do you believe that the legislator is actually working on such solutions that would help you save money?

do you believe that the legislator is actually working on such solutions that would help you save money


That reset included taking some tough decisions and cleaning up the company's balance sheet. Adam will address the balance sheet in a few minutes.

that reset included taking some tough decisions and cleaning up the company's balance sheet adam will address the balance sheet in a few minutes


So -- but we'll continue to observe what's happening and as far as what we see right now is that we are very confident at East West Bank,

so -- but we'll continue to observe what's happening and as far as what we see right now is that we are very confident at east west bank


even after splitting a fee with subadvisers, we think we have a respectable fee attaching to this business

even after splitting a fee with sub-advisers we think we have a respectable fee attaching to this business


and the business development offices that we had in 2017 and '18 had become acclimated and more productive as they gain experience at First Western.

and the business development offices that we added in 2017 and '18 have become acclimated and more productive as they gained experience at first western


changed dramatically or accelerated negatively in the most recent quarter or are you referring to more just a general trend over the last couple of years?


to academic. It looks like there are just a few projects that are coming through. Given the continued subdued growth there, is that an area where you think

to academic it looks like there are just a few projects that are coming through given the continued subdued growth there is that an area where you think


through 2 strategically sound and financially compelling acquisitions of Avendra and the AmeriPride announced last month.

through 2 strategically sound and financially compelling acquisitions of avendra and ameripride announced last month


Lynne, who's our Head of Commercial, would want that to be as simple as possible and very attractive to patients. And

lynn who's our head of commercial would want that to be as simple as possible and very attractive to patients and


we believe there is an opportunity to bring the data and information that we have on those 4.4 million small businesses

we believe there is an opportunity to bring the data and information that we have on those 4 4 million small businesses


Subsequent to the quarter end, Sage received an FDA warning letter, which relates to an inspection last September, shortly after we closed on the acquisition.

subsequent to the quarter end sage received an fda warning letter which relates to an inspection last september shortly after we closed on the acquisition


Under the terms of the agreement, Torchmark will retain all rights to the assets and liabilities as well as corresponding profits or losses

under the terms of the agreement torchmark will retain all rights to the assets and liabilities as well as corresponding profits or losses


the Canadian heavy volumes to the area that are most beneficial. We did consume a fair amount of Canadian heavy in the Gulf Coast.

the canadian heavy volumes to the area that are most beneficial we did consume a fair amount of canadian heavy in the gulf coast


north of a couple billion in assets in order to do that. We think it's an attractive opportunity down the road, because it would potentially lower

north of a couple billion in assets in order to do that we think it's an attractive opportunity down the road because it would potentially lower


We plan to integrate their e-commerce capabilities into our other Assurant offerings to provide a seamless customer buying experience.

we plan to integrate their e-commerce capabilities into our other assurant offerings to provide a seamless customer buying experience


with a long history of exceptional performance in the NICU. The integrated system, as well as our industry-leading comprehensive service model

with a long history of exceptional performance in the nicu the integrated system as well as our industry-leading comprehensive service model


first and foremost, to grow the business. And part of that is looking very closely at -- and carefully at acquisitions in this space.

first and foremost to grow the business and part of that is looking very closely at and carefully at acquisitions in this space


How are you going to allocate these resources between, say, advertising and promotion, brand building

how are you going to allocate these resources between say advertising and promotion brand building


In connection with our initial public offering, we will incur a number of IPO-related expenses or special charges primarily in the second and third quarter.

in connection with our initial public offering we will incur a number of ipo-related expenses or special charges primarily in the second and third quarters


in the last couple of quarters. Delivery times have been pretty long. And you see there a little bit of shift of,

in the last couple of quarters delivery times have been pretty long and you see there a little bit of shift of


this year in the first quarter and we'll also see the positive impact of the higher run rate of cost savings


We continued to expand our customer base and sales, and I'm glad to once again share that the results of our efforts are being demonstrated.

we continue to expand our customer base and sales and i'm glad to once again share that the results of our efforts are being demonstrated


based on the annualized erosion for the products previously discussed, as well as the continued decline of the legacy pain portfolio,

based on the annualized erosion for the products previously discussed as well as the continued decline of the legacy pain portfolio


almost stumble upon the opportunity and with it enough to recognize it for the opportunity that it is,


in addition to the announcement of the Breakthrough Therapy designation. For the remainder of this year, we will concentrate on the PROPEL study enrollment,

in addition to the announcement of the breakthrough therapy designation for the remainder of this year we will concentrate on the propel study enrollment


as more funding flows to these areas or those areas of translational research at the intersection of patient needs an cutting-edge scientific capability.

as more funding flows to these areas or those areas of translational research at the intersection of patient needs and cutting-edge scientific capability


We need to build the bank's profitability, and the main task of management remains the control of costs, for which we do need to continue to invest.

we need to build the bank's profitability and the main task of management remains the control of costs for which we do need to continue to invest


offsetting a number of outstanding cases within existing reserves, we still are working diligently to settle the major issues that remain.

offsetting a number of outstanding cases within existing reserves we still are working diligently to settle the major issues that remain


a positive answer, but a warning that you should not expect that the growth should continue forever like we have seen this year.

a positive answer but a warning that you should not expect that the growth should continue forever like we have seen that this year


hold that as a good proxy for what you could expect for the 3 divisions as an average organically.


building of the capability. So as we prepare ourselves with new owners and we prepare ourselves to relaunch the company,

building up the capabilities so as we prepare ourselves with new owners and we prepare ourselves to relaunch the company


reflect both a strong improvement in our microcontrollers operating performance and a significant turnaround in digital.


Therefore we anticipate fourth quarter revenues to increase about 10% at the midpoint on a sequential basis.

therefore we anticipate fourth quarter revenues to increase about 10% at the midpoint on a sequential basis


what do you get a sense when speaking to customers is the main driver for the use of silicon carbide, is it improved range of the car

what do you get a sense when speaking to customers is the main driver for the use of silicon carbide is it improved range of the car


And what is the -- is there any kind of provision in there for the customers that it has to be done by a certain time or they have an out in their contract?

and what is the -- is there any kind of provision in there for the customers that it has to be done by a certain time or they have an out in their contract


We are excited about the opportunities ahead of us as we continue to execute on our strategic initiatives and deliver financial outperformance to our shareholders.

we are excited about the opportunities ahead of us as we continue to execute on our strategic initiatives and deliver financial outperformance to our shareholders


Jocelyn has been a great asset to this organization and a great team member. To that end, Jocelyn has decided to move out of the GC role and seek that next chapter.

jocelyn has been a great asset to this organization and a great team member to that end jocelyn has decided to move out of the gc role and seek that next chapter


Risks and uncertainties exist that may cause actual results to differ materially from those expressed in these forward-looking statements including among others

risk and uncertainties exist that may cause actual results to differ materially from those expressed in these forward-looking statements including among others


We also saw smaller orders for network nodes in other countries as a leading indicator of where they plan to go next.

we also saw smaller orders for network nodes in other countries as a leading indicator of where they plan to go next


you may see an acceleration. But I think it's going at a reasonable pace and what we're trying to convey to on this call, or we've tried to convey

you may see an acceleration but i think it's going at a reasonable pace and what we're trying to convey to -- on this call we've tried to convey


As I have said on previous occasions, we're committed to strengthening our earnings base so that we can steadily raise our payout ratio

as i have said on previous occasions we are committed to strengthening our earnings base so that we can steadily raise our payout ratio


which will pull some of that liquid shortfall into the second quarter. So now we have a higher current price

which will pull some of that liquid shortfall into the second quarter so now we have a higher current price


We are also aware that veterinarians are frustrated with their treatment options in cats. And some veterinarians are treating cats with ENTYCE even now.

we are also aware that veterinarians are frustrated with their treatment options in cats and some veterinarians are treating cats with entice even now


current conditions and expected future development as well as other factors that the company currently believes are appropriate and reasonable in the circumstances.


Our third and revised aim is to strive for operational excellence in all facets of our business, to further improve profitability and returns.

our third and revised aim is to strive for operational excellence in all facets of our business to further improve profitability and returns


which can be used to meet our near-term maturities. We are confident in our ability to satisfy our upcoming maturities, maintain a strong capital position.

which can be used to meet our near-term maturities we are confident in our ability to satisfy our upcoming maturities and maintain a strong capital position


Continuing with our revenue commentary, it is also informative to understand that we have intentionally redirected the smallest ESCO partners

continuing with our revenue commentary it is also informative to understand that we have intentionally redirected the smaller sesco partners


Our implementations are consistently improving with every new supplier. We have launched an end customer adoption program that we call Spark

our implementations are consistently improving with every new supplier we have launched an end customer adoption program that we call spark


Moving on to Iran. We saw a consistent performance from the business with service revenue in the teens where we were

moving on to iran we saw a consistent performance from the business with service revenue in the teens where we were


The growth in subscription revenue is a result of our strong and balanced performance across the cloud portfolio, migration of our midmarket customers to NXT and

the growth in subscription revenue is a result of our strong and balanced performance across the cloud portfolio migration of our mid-market customers to nxt


The general trend in LTSS has been to ensure that individuals are in the right setting and receiving the right level of support and care.

the general trend in ltss has been to ensure that individuals are in the right setting and receiving the right level of support and care


addition, when you consider the loss sales associated with the facility closures and product exits that took place earlier in the year,

in addition when you consider the lost sales associated with the facility closures and product exits that took place earlier in the year


comparing with Q1's. For the cost, without the blackout in accident and the earthquake and the last

comparing with q1s for the cost without the blackout in accident and the earthquake and less


quarter. We're encouraged what we see there. And then when you combine that kind of innovation in food and beverage with what we're doing with the acceleration in digital,

quarter we're encouraged what we see there and then when you combine that kind of innovation in food and beverage with what we're doing with the acceleration in digital


Let me assure you that we are energized by the foundational changes we have made and the prioritization that it provides toward our core value drivers.

let me assure you that we are energized by the foundational changes we have made and the prioritization that it provides toward our core value drivers


I've given you examples of how we will keep our premium core brands vibrant and talked about increasing growth in mainstream spirits in India,

i've given you examples of how we will keep our premium core brands vibrant and talked about increasing growth in mainstream spirits in india


And have you heard from them? No. I'm saying, that's what we will probably hear from them,

and have you heard from them no i'm saying that's what we will probably hear from them


A reconciliation of these non-GAAP measures is available in the news release and on the convergys.com website under Investor.

a reconciliation of these non-gaap measures is available in the news release and on the convergys com website under investor


If you've tracked us closely through the years, as I know many of you have, you know that we have a strong track record of not just meeting but exceeding earnings targets.

if you tracked us closely through the years as i know many of you have you know that we have a strong track record of not just meeting but exceeding earnings targets


The engagement has been aimed at employees owning the major hazards and identifying for themselves the controls that prevent fatalities.

the engagement has been aimed at employees owning the major hazards and identifying for themselves the controls that prevent fatalities


But I think that we have good investments in these. I think that in the -- like in the medical space, I've got -- we've got some good products.

but i think that we have good investments in these i think that in the -- like in the medical space we've got some good products


On the financial side, this is a low risk transaction that is expected to be accretive to earnings and neutral to tangible book value.

on the financial side this is a low-risk transaction that is expected to be accretive to earnings and neutral to tangible book value


So they have a lot of established relationships with permanent residents and seasonal residents.

so they have a lot of established relationships with permanent residents and seasonal residents


We're encouraged by the positive momentum we experienced in the first quarter and look forward to a strong remainder of the year.

we're encouraged by the positive momentum we experienced in the first quarter and look forward to a strong remainder of the year


for the beginning of the year was adjusted for price. And so it was more accelerated at the beginning part of the year.

for the beginning of the year was adjusted for price and so it was more accelerated in the beginning part of the year


it was an equipment dealer who basically said to us, you know, the big harvesters, the big custom cutters,

it was an equipment dealer who basically said to us you know the big harvesters the big custom cutters


with specific positive activity taking place in the defense and training side of the business, and we'll release more detail on these contracts once they're finalized.

with specific positive activity taking place in the defense and training sides of the business and we'll release more detail on these contracts once they're finalized


and it needs to be something that can support these new initiatives that we're talking about going forward. And to your point, Thomas, we are definitely aware of the challenge that

and and it needs to be something that can support these new initiatives that we're talking about going forward and to your point somas we are definitely aware of the challenge that is


Is it actually capped? Or if you just do a good job, can you do better than that? My understanding is it's not a cap -- there's no cap, but I just wanted to make sure.

is it actually capped or if you just do a good job can you do better than that my understanding is it's not a cap -- there's no cap but i just wanted to make sure


with the goal of improving safety in the global offshore helicopter industry through collaboration and sharing of information and best practices.


Performance has been in line with expectations, with about 50% of customers who received a basic offer choosing to buy up to the main cabin product.

performance has been in line with expectations with about 50% of customers who received a basic offer choosing to buy up to the main cabin product


Following his remarks, I will provide an overview of the financial highlights for the third quarter of 2017 before we open the call for questions.

following his remarks i will provide an overview of the financial highlights for the third quarter of 2017 before we open the call for questions


Our industrial heat tracing business continues to win small projects, but our project growth was challenged as large Canadian projects are nearing completion.

our industrial heat tracing business continues to win small projects but our project growth was challenged as large canadian projects are nearing completion


Looking ahead to 2018. Our outlook generally assumes continued stable demand from our pharmaceutical and industrial end markets,

looking ahead to 2018 our outlook generally assumes continued stable demand from our pharmaceutical and industrial end markets


In operations, we continue to release product enhancements to decrease the number of service calls and preventive maintenance visits on lasers in the field.

in operations we continue to release product enhancements to decrease the number of service calls and preventive maintenance visits on lasers in the field


could make it more difficult for certain prospective buyers to qualify for uninsured mortgages and have a negative impact on originations within CWB Optimum.

could make it more difficult for certain prospective buyers to qualify for uninsured mortgages and have a negative impact on originations within cwb optimum


As we look ahead, we are eager to capitalize on both our broader reach and the ongoing transformation of the financial services landscape.

as we look ahead we are eager to capitalize on both our broader reach and the ongoing transformation of the financial services landscape


No, we are not. That is correct. And the information is -- that we're using is the stated information from those groups building the plants.

no we are not that is correct and the information that we're using is the stated information from those groups building the plants


Amount of capital accessed by these biotech companies from the capital markets was the largest in history.

amount of capital accessed by these biotech companies from the capital markets was the largest in history


we have been conservative in establishing the expected rates until we see improvement in collections or have new facts that lead us to believe that collections will improve.


But it no doubt helped the improved share position I referred to before, it built share as the year went on.

but it no doubt helped the improved share position i referred to before it built share as the year went on


The unwinding of the discount will be recognized progressively through the interest line, with the other side of the entry increasing the value of the provision held on the balance sheet.

the unwinding of the discount will be recognized progressively through the interest line with the other side of the entry increasing the value of the provision held on the balance sheet


the transaction multiple looks like it's more in the 7 to 8x EBITDA range, which to us doesn't seem like it's

the transaction multiple looks like it's more in the 7 to 8x ebitda range which to us doesn't seem like it's


who we would be very comfortable, we've been doing a lot of work in the background, putting into a referral programs so that those stock plan participants

who we would be very comfortable we've been doing a lot of work in the background putting into a referral program so that those stock plan participants


For that to occur, we need strong leadership. We're confident that such leadership will be provided by the new administration with the firm guidance of the Board.

for that to occur we need strong leadership we're confident that such leadership will be provided by the new administration with the firm guidance of the board


In the power generation component of our Power segment, we will continue to be focused on reducing our costs to be aligned with market demand

in the power generation component of our power segment we will continue to be focused on reducing our cost to be aligned with market demand


Because we are a systems-based company with proven processes in place, we believe our expansions into these new markets are well positioned for success.

because we are a systems-based company with proven processes in place we believe our expansions into these new markets are well positioned for success


of people that would be closer to the limit and those that would be right out at the max, if you will, and beyond. And in our assessment

of people that would be closer to the limit and those that would be right out at the max if you will and beyond and in our assessment


And so as we look at it, if we were to get tax reform where we could get better access or more cost-effective access to our offshore cash,

and so as we look at it if we were to get tax reform where we could get better access or more cost-effective access to our offshore cash


in at least one of the major broker-dealers we had a case where several smaller Calvert strategies were taken off platforms but then added back

and at least one of the major broker-dealers we had a case where several smaller calvert strategies were taken off platforms but then added back


an offer that is not unique but very specific on the market of turnkey projects where we can take responsibility for the entire field including


We have unrivaled domain expertise in the cable and video markets. We work with some of the largest and most innovative communications service providers in the world.

we have unrivaled domain expertise in the cable and video markets we work with some of the largest and most innovative communication service providers in the world


how we're completing those projects, how we're going through the sales cycle. That's probably the one that I would point to as the main reason why the bottom line -- or the bottom end came up on the range.

how we're completing those projects how this is going through the sales cycle that's probably the one that i would point to as the main reason why the bottom line -- or the bottom end came up in the range


to this year's, forecasted last half, I think it'll be the same kind of story. I think we'll be able to cut the loss by about half

to this year's forecasted last half i think it'll be the same kind of story i think we'll be able to cut the loss by about half


free application. What you see there is that in DTA , the bundle goes down for a while and then people start using the data more and more and more.

pre-application what you see there is that indeed the out-of-bundle goes down for a while and then people start using the data more and more and more


Joining Jim and Bryan will be Bill Gupp, Senior Vice President, General Counsel and Secretary, as well as other members of Trex's management team.

joining jim and brian will be bill gupps senior vice president general counsel and secretary as well as other members of trex's management team


We believe we have now established that the control of IL-12 is a potential therapeutic platform for turning cold tumors hot.

we believe we have now established that the control of il-12 is a potential therapeutic platform for turning cold tumors hot


number of subscribers, their usage, number of devices and other components and each of those tends to grow during the term of the agreement.

number of subscribers their usage number of devices and other components and each of those tends to grow during the term of the agreement


we should be able to introduce new product in a much faster way and maybe we can also increase revenues. But nevertheless, so cloud is more

we should be able to introduce new products in a much faster way and maybe we can also increase revenues but nevertheless the cloud is more


Teresa played a major role in building our track record of delivering on our value proposition, and she leaves a solid platform for continued strong results.

teresa played a major role in building our track record of delivering on our value proposition and she leaves a solid platform for continued strong results


as we call them. And they are growth markets in a sense as you will see soon here with Russia.

as we call them and they are growth markets in a sense as you will see soon here with russia


all of those costs then are included in that 90-day episode. So that's why we've been saying for so many years,

all of those costs then are included in that 90-day episode so that's why we've been saying for so many years


hopefully with the support of our new large industrial group that purchased our control shares and we are going to be part of them, although

hopefully with the support of our new large industrial group that purchased our control shares and we are going to be part of them although we


In addition, commodity costs were higher in the quarter, most notably for green coffee, and were only partially offset by the higher net pricing.

in addition commodity costs were higher in the quarter most notably for green coffee and were only partially offset by the higher net pricing


We've also focused on developing new growth engines for Veeco by extending our core technologies into adjacent markets.

we've also focused on developing new growth engines for veeco by extending our core technologies into adjacent markets


For example, we recently concluded a large deal with ABN AMRO, where we will provide connectivity and security services.

for example we recently concluded a large deal with abn amro where we will provide connectivity and security services


But before we get started, I need to remind everyone that our commentary today and the answers to your questions include statements that we believe to be forward-looking statements.

but before we get started i'd like to remind everyone that our commentary today and the answer to your questions include statements that we believe to be forward-looking statements


were leveraged as we're progressing through the year. So there will be less overtime needs throughout the year to be able to produce the product

were leveraged as we were progressing through the year so there will be less overtime needs throughout the year to be able to produce the product


We remain convinced that keeping our focus on growing the company for the long term will build and enhance shareholder value.

we remain convinced that keeping our focus on growing the company for the long term will build and enhance shareholder value


to all of you, as we believed we had a lot of information to share with you, mainly the change

to all of you as we believed we had a lot of information to share with you mainly the change


Therefore, it's not enough just to have the technology because it's more than that. It involves

therefore it's not enough just to have the technology because it's more than that it involves


That's high acquisition cost business. So again, I think the movement from an expense ratio standpoint is much more reflective of

that's high acquisition cost business so again i think that the movement from an expense ratio standpoint is much more reflective of


On top of this agreement of acquiring the ABB business, we have also entered into a cooperation agreement with the

on top of this agreement of acquiring the abb business we have also entered into a cooperation agreement with


This presents Compugen with a unique opportunity to generate value by developing differentiated and novel assets.

this presents compugen with a unique opportunity to generate value by developing differentiated and novel assets


and that's no doubt about that. But we see a continued solid performance of Networks.

and that's no doubt about that but we see a continued solid performance of networks


Yes, good distinction. And then just on the pension plan, I guess we'll probably get -- have to wait for real detail but just

yes good distinction and then just on the pension plan i guess we'll probably get -- have to wait for real detail but just


Given the progress we have made over the past 2 years, we are well placed to access the markets at an appropriate time.

given the progress we have made over the past 2 years we are well placed to access the markets at an appropriate time


I would say that based on the information provided, and we read the same things that everyone else did, based on that information and the perspective that, that product

i would say that based on the information provided and we read the same things everyone else did based on that information and the perspective that that product


But ultimately, it's very good for us because there are very few people that have the capabilities to service these kind of jobs, particularly in these markets. So

but ultimately it's very good for us because there are very few people who have the capabilities to service these kind of jobs particularly in these markets so


transition of ships, and I think it was the first couple of quarters here we've seen that, and you think it's going to maybe be a little bit going forward. How much do we need to be

transition of ships and i think it was the first couple of quarters here we've seen that and you think it's going to maybe be a little bit going forward how much do we need to be


It's not a change of control that we're envisaging, it's simply a new investor in our head company.

it's not a change of control that we're envisaging it's simply a new investor in our head company


to lever in the opportunities to put more pipe in the ground and move more crude by ground -- by pipe over time, and that's exactly what's happening.

to lever into opportunities to put more pipe in the ground and move more crude by ground by pipe over time and that's exactly what's happening


We believe that's how we differentiate ourselves, by continuing to drive excellence through execution and being the best in the basins in which we operate.

we believe that's how we differentiate ourselves by continuing to drive excellence through execution and being the best in the basins in which we operate


We will provide further details on MPI shortly, but let me begin by giving you the highlights of our first quarter performance.

we will provide further details on mpi shortly but let me begin by giving you the highlights of our first quarter performance


can you get us comfortable on the recovery here? You talked about bookings maybe being a little bit better coming out of the quarter. Should we still be thinking about double-digit growth in Manufacturing for the year?

can you get us comfortable on the recovery here you talked about bookings maybe being a little bit better coming out of the quarter should we still be thinking about double-digit growth in manufacturing for the year


The company undertakes no obligation to revise or publicly release the results of any revision to the statements made in today's call other than through filings made concerning this reporting period.

the company undertakes no obligation to revise or publicly release the results of any revision to the statements made in today's call other than through filings made concerning the reporting period


and then we work hard to maintain and develop relationships with our contractors to get them to visit us, to get them to come into our branch locations

and then we work hard to maintain and develop relationships with our contractors to get them to visit us to get them to come into our branch locations


which will be largely weighted toward the back half of the year. As in prior years, we continue to expect our first quarter

which will be largely weighted toward the back half of the year as in prior years we continue to expect our first quarter


that would not be as big as what people think at the beginning but will expand on the way forward


the overall architecture, even if the shapes are not finished. And what you want to do is evaluate exactly if your arm is going to be an antenna.

the overall architecture even if the shapes are not finished and what you want to do is evaluate exactly if your arm is going to be an antenna


Our own brands investment continue to perform above our original expectations. Now more than ever, I'm convinced of the validity of this strategy,

our own brands investment continued to perform above our original expectations now more than ever i'm convinced of the validity of this strategy


So while we see this opportunity, what we want to do is we want to work with LOOP to make sure that there is no conflict between

so while we see this opportunity what we want to do is we want to work with loop to make sure that there is no conflict between


This is the seventh straight year where we have accomplished our goals and delivered on the consolidated EBITDA guidance, once again providing

this is the seventh straight year where we have accomplished our goals and delivered on the consolidated ebitda guidance once again providing


Also, our internal checks, industry reports and dealer surveys continue to indicate that RV dealer inventory levels are in line with anticipated retail demand,

also our internal checks industry reports and dealer surveys continue to indicate that rv dealer inventory levels are in line with anticipated retail demand


go back to customers and take up price opportunity wherever we can on an annual basis with our contracts. So we have taken

go back to customers and take up price opportunity wherever we can on an annual basis with our contracts so we have taken


This is our growth strategy, and it is how we are becoming the go-to partner for consumers, retailers and licensors for pop culture products.

this is our growth strategy and it is how we are becoming the go-to partner for consumers retailers and licensees for pop culture products


Andy will speak to you about the detail shortly, but both results were at the high end of the guidance range we provided on our third quarter conference call.

andy will speak to you about the details shortly but both results were at the high end of the guidance range we provided on our third quarter conference call


It could be. The good news is -- so there's a couple of things we could do if we wanted to manage cash

it could be the good news is so there's a couple of things we could do if we wanted to manage cash